Fisker stock gains after EV maker’s plan to set up shop in China

Shares of Fisker Inc.
FSR,
-7.77%
rose 1.4% in premarket trading Friday, after the electric vehicle maker announced plans to enter the China market. The company said it plans to open a delivery center in 2023, and start deliveries of its Fisker Ocean sport-utility vehicle (SUV) in the first quarter of 2024. “After beginning deliveries in Europe and with first vehicles coming to our US customers on June 23, we are excited to move into the Chinese market later this year,” said Chief Executive Officer Henrik Fisker. “We expect China to be an important growth market for EVs in the future and believe our vehicles will be very appealing.” Fisker’s stock has dropped 21.6% year to date through Thursday, while the Global X Autonomous and Electric Vehicles exchange-traded fund
FSR,
-7.77%
has run up 25.9% and the S&P 500
SPX,
+0.62%
has gained 11.8%.